Archived News

24/06/2024 (OFI Magazine) - The Malaysian Palm Oil Board (MPOB) has called for an oil hub or redistribution centre to be set up in Egypt to build on recent cooperation between the two countries, the New Straits Times reported.

24/06/2024 (Business Today) - CPO price has risen by 1.5% since previous Monthly Commodity Outlook publication on 24 May says OCBC which reached MYR3,930/mt as of 21 June closing. This brings the quarter-to- date average price to MYR4,040/mt, representing a ~1.0% increase compared to the 1Q24 price average of MYR3,998/mt.

24/06/2024 (Share Cast) - Palm oil producer Anglo-Eastern Plantations reported a 4% decrease in fresh fruit bunches production in the first five months of the year on Monday, to 403,200 metric tonnes, down from 420,300 tonnes in the same period last year.

24/06/2024 (Bangkok Post), Mumbai - Indians bought a record 500,000 metric tons of sunflower oil for June delivery, as competition between leading suppliers Russia and Ukraine made it cheaper than soyoil and palm oil, two leading buyers and a customs official told Reuters.

24/06/2024 (Chem Analyst) - During the week ending June 21, 2024, several pivotal factors contributed to the decline in Biodiesel prices across the APAC region. The downward trend was primarily driven by a significant drop in demand from Europe and other importing countries, strategic manoeuvres by traders, and seasonal adjustments in Biodiesel usage. This situation was aggravated by several factors, including various EU regulatory measures, regional oversupply, and weak demand, all of which increased the downward pressure on Biodiesel prices in the region.

24/06/2024 (The Business Times) - THE benchmark active Malaysian crude palm oil futures contract experienced a notable decline after reaching RM4,443 per metric tonne in early April. This came after the breakout of a mid-term parabolic bowl accumulation pattern that began forming in July 2023 and culminated in mid-March 2024. Bearish sentiments, influenced by anticipated weaker exports, increased production, lack of competitive pricing against other vegetable oil substitutes and stabilisation of the Malaysian ringgit after its continued depreciation, have driven this decline.

23/06/2024 (Tampa Free Press) - The United States has witnessed a concerning surge in the importation of used cooking oil (UCO) in recent years, with imports reaching a staggering 3 billion pounds in 2022 – a significant increase from the 200 million pounds imported just two years prior.

22/06/2024 (Free Malaysia Today), Petaling Jaya - Other fuel alternatives such as biodiesel are a better option for Peninsular Malaysia rather than resorting to hydrogen as in Sarawak, says an energy expert.

23/06/2024 (BBC) - Vegetable oil is being used to fuel park maintenance vehicles in a Worcestershire district.

23/06/2024 (Business Recorder), Jakarta - Malaysian palm oil futures fell on Friday, snapping two consecutive sessions of gain, weighed down by weak rival vegetable oils prices and soft export data.

20/06/2024 (The Edge Malaysia) - The mandatory palm oil certification scheme, the Malaysian Sustainable Palm Oil (MSPO), is a world-class standard capable of helping Malaysian exporters and European customers adhere to stringent no-deforestation regulations. This conclusion emerged from a recent webinar organised by the Malaysian Palm Oil Council, featuring experts from the European Forest Institute (EFI) — Dr Jossil Murray and Pierre Bois d’Enghien, a leading palm oil and rubber certification expert and the author of the MSPO EU Deforestation Regulation (EUDR) gap analysis.

20/06/2024 (Business Today) - Malaysia’s total trade rose for the 5th straight month at +10.3%yoy in May-24, underpinned by higher exports and imports. The trade surplus also widened to RM10.1b, improving from the post-pandemic low of +RM7.7b in Apr-24 as monthly growth in exports was faster (+11.8%mom) than imports (+10.3%mom). From year-on-year perspective, exports growth was sustained for the second month in a row at +7.3%yoy (Apr-24: +9.1%yoy), stronger than market expectations. Domestic exports expanded further at +13.2%yoy, sustaining growth since Jan-24 and continue to offset the continued contraction in re-exports (-14.1%yoy).